Frequently Asked Questions
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Have a question about DominoFX Group, our loans, or our programs? Take a look at our most frequently asked questions.
DominoFX Group works with its sister organization, The Domino Effect, to connect Founders to Funders with technical assistance, business courses, business advisors, and access to other programs and services.
DominoFX Group
What is DominoFX Group
DominoFX Group is a minority-led small business online lender marketplace with a fully online application process offering a wide array of loan products. DominoFX Group partners with the best in non-bank financing, private capital and various state banks to administer programs using our technology enabled platform and team of experienced banking professionals.
Is DominoFX Group a bank?
No. DominoFX Group is an online lender marketplace, but not a bank. By definition, banks take deposits and keep them in accounts for customers. We partner with banks, CDFIs and private capital and other trusted, reputable lenders.
Where is DominoFX Group headquartered?
DominoFX Group is headquartered in Northern California, but has partnerships in multiple states, working with small businesses nationwide and building an entrepreneurship school in every state.
What are the Qualifications for a Business Loan?
Qualifications differ depending on the lender, so there's no simple answer.
When you apply with us, our team navigates a diverse lender marketplace to match you with the right lender for your business.
Whether you have challenged or perfect credit, our team will find you the right lender or program. We pull in the right lending partners for each client to provide them with with the best options they qualify for.
What can I expect when I apply for a loan?
Our online application requests information about you, your business, and your business's finances. It then asks you to upload official documents that support the information you provided. In order for us to provide you with the best options available to you as well as staying compliant with laws and lenders, we review these documents and perform verification on your identity and finances.
How quickly your application proceeds depends on the type of loan, how quickly you provide additional information, and other factors which vary on each business owner's need and unique situation.
We have guides, videos, and resources to help you every step of the way. Please visit https://www.dominofxgroup.com/blog.
How do I get an update on my loan application?
Visit dominofxgroup.com or login to your back portal, depending on the program you are in. If you prefer to talk to a persn, we want to speak to you! Please call us at the phone numbers on our Contact Us page.
Does DominoFX Group run my Credit?
Our in-house underwriting team does soft credit pulls. From there, we can understand which lenders will approve you.
We do this through our lender matching technology and, of course, our team of expert Business Finance Advisors.
A majority of the lenders on our platform will also do soft credit pulls. If you are going to get a hard inquiry when you want to accept your offer, we'll let you know upfront immediately.
What is the Interest Rate on a business loan from DominoFX Group?
The rates can change depending on the different lending products. At banks, interest rates are generally the prime rate +2%, but strict qualifications restrict many businesses from reaching an approval that aligns with their business goals.
We offer SBA loans, equipment financing, business term loans, lines of credit, inventory financing, A/R financing, and asset-based lending. All these products come with different rates, and they all change constantly.
For equipment and SBA funding, interest rates are in teh single digits (6-8% range)
A/R and asset-based lending come with single digit interest rates if you have high-quality receivables or collateral.
If you don't have B2B receivables or collateral, rates are around 1% per month and will increase from there. This equates to 10-18% annually.
We have all the lenders, banks and investors in one place. We look to get you the best deal and get you the most competitive interest rate for whatever you're looking to accomplish.
Do you have options to Build Business Credit?
ABSOLUTELY! Business Credit is a beast and a game changer that can help you start when you have challenged personal credit, no collateral or cash flow. OR if you're an established business looking to boost the value of your business, offset your business expenses by 50-90%, separate your business from your personal liability and provide more flexibility in your cash flow.
We've helped hundreds of businesses build their business credit. Schedule your FREE Funding Planning Assessment today. We'll look at your business' foundational aspects and
make sure they're done the right way, that gives you the biggest chance of getting approved for credit, financing AND being able to get it at the best terms.
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How to Leverage Home Depot's Net 30 for Your Business
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“Entrepreneurship is about turning what excites you into capital, so that you can do more of it and move forward with it." – Richard Branson
Home Depot Net 30 Overview
For entrepreneurs and small business owners looking to build credit, the Home Depot Net 30 account is a solid option. They report to all three major business credit bureaus: Dun & Bradstreet, Equifax Business, and Experian Business, helping boost your credit profile.
While they do offer net 30 terms, they're actually best known for their net 60 terms, giving you even more time to pay. Plus, they sweeten the deal with discounts for early payments.
This makes the Home Depot Commercial Account a strong vendor tradeline to consider for your business.
Benefits of the Home Depot Business Financing Account
One of the biggest perks of signing up for a Home Depot business account is the immediate value it offers. Their credit center is truly committed to helping business customers thrive, providing discounts and benefits that maximize the usefulness of your credit line.
These perks can include extended financing options, cash back on qualifying accounts, and current offers like $100 off your first eligible purchase. If approved for a commercial account, you can typically expect at least $1,000 in credit.
Plus, Home Depot gives you the option to upgrade your commercial account to other account types, offering even more flexibility as your business grows.
One example is the Pro Xtra Credit Card, which offers some crazy benefits for businesses:
Earn rewards up to four times faster, making it ideal for those who prioritize perks.
Flexible payment options and terms for added convenience.
Effortless tracking and notifications for all your home improvement purchases.
Simple setup for additional authorized users whenever you need new cards issued.
This card is designed to make managing purchases and maximizing rewards a breeze for businesses.
💎BONUS TIP:
👉For larger projects, you might also consider a project loan.
With options like the Home Depot Net 30 account, funding your projects becomes simpler and more accessible.
Pro Tip: Strengthen your business credit by working with more Net 30 vendors. Look into others, like HD Supply, that also offer 30-day terms!
1️⃣ Attractive Payment Options and Perks for Early Birds
Whether you’re looking into tier 1 or tier 2 business credit vendors, it’s essential to choose options that match your business needs.
So, what benefits does a Home Depot commercial account offer business owners?
Here’s a breakdown of what the Home Depot commercial account offers:
Net 60 Terms: While advertised as a net 30 account, Home Depot’s commercial account primarily offers net 60 terms, giving you a longer window to pay back your balance—a useful advantage for many businesses.
Early Payment Perks: If you’re interested in paying invoices early, Home Depot provides a 2% Early Pay Discount if paid online within 20 days. This incentive can help save more over time, adding another layer of benefit beyond standard rebates.
Dedicated Account Manager: Although details on the required spend for a dedicated account manager aren’t specified, Home Depot notes that you may qualify for hands-on support. After opening an account, reach out to find out the threshold and get the support you need.
Convenient Invoice Delivery: With easy access to invoices, you can stay organized and track payment timelines seamlessly.
They’ll also help you build business credit quickly. Payments on your Home Depot commercial account are reported to D&B, Equifax Business, and Experian Business, helping you build business credit across multiple bureaus.
Considerations Before Choosing Home Depot’s Business Financing Account
Challenges in Managing Home Depot Invoices
Finding disadvantages of the Home Depot net 30 account was difficult. However, there are some areas current holders would like to see improved.
The main problem that some share is that it’s difficult to track invoices and make payments. While invoice delivery is reportedly seamless, paying invoices seems to be a bit trickier with the Home Depot commercial account.
Beyond that, they say certain accounting software may not be able to track card/account activity. This includes options like Quickbooks. Both of these elements can make paying as well as tracking net cash flow and net earnings difficult.
Keep the above in mind to avoid any potential issues moving forward.
Home Depot's Net 30 Approval Requirement
The approval requirements for Home Depot’s net 30 account are pretty standard. To qualify, all you’ll need is:
Your SSN
Information about your business (business name, address, contact)
Legal business structure
Annual revenue
Time in business
Number of employees
Strengthen Your Business Credit with DFX’s Expertise
Searching for the right Net 30 accounts can be a frustrating and time-consuming task, wasting time and exposing you to predatory lenders and risky options. However, building your business credit history and improving your credit score is essential. To make this process easier, you need a reliable resource.
DFX has the perfect solution for your business credit-building needs.
Our software helps you identify the reasons behind vendor and lender rejections, ensuring you don’t waste time on ineffective options. We offer educational resources and personalized support to facilitate your growth.
Additionally, we provide step-by-step instructions to help you achieve your business credit goals and connect with the right lenders.
Our system is one of the most comprehensive resources available, featuring a list of lenders you pre-qualify for, so you can avoid guesswork during the application process.
Start building business credit now with the help of DominoFX (DFX).
Conclusion
The Home Depot Net 30 account is an excellent choice for entrepreneurs and small business owners, offering features like net 60 terms and early payment discounts, which can help boost your business credit profile.
Resources to Help You Execute:
Here is a quick checklist to get you started. Remember imperfect action beats inaction, get started, stay consistent and let's Build! 🚀
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How to get money💰 to grow your business👩🏻💻 Financing for Diverse Entrepreneurs
📚Claim Your Business Credit Building Guide: https://financeguide.dominofxgroup.com/
📲 Funding Planning Session: https://plan.dominofxgroup.com/
Subscribe on LinkedIn to stay connected with the best resources to grow your business: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=718759297885977395
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THE BUSY WOMAN'S GUIDE: 10 Steps to Starting Your Own Business
Hey, I get it—I’ve been in your shoes. Juggling work, family, and life while trying to start a business feels overwhelming. That’s exactly why I wrote The Busy Woman's Guide: 10 Steps to Starting Your
Business. I took all the hard-earned lessons from my own journey and boiled them down into simple, manageable steps. You don’t have to do it all at once, but with this guide, you’ll know exactly where to start—and I’m here to help you along the way.
Join The Domino Effect, a growing community of Founders & Small Businesses. Receive all the latest advice and offers from our network straight to you.
We’ll keep you up to date with all the latest news from The Domino Effect and our community. Hear from our Funders, receive exclusive offers from our partners and make the most of our handy guides and blogs designed to make your business run a little smoother, while accessing the best resources to capital.
Testimonials
Real results from business owners just like you
Cheryl Reisner, a former bank lender from Shreveport, Louisiana. The suite’s business credit building process unlocked more funding options than she ever imagined, opening up new possibilities for her business. Cheryl believes every business owner can benefit from the Business Finance Suite, as it revolutionizes how they operate.
Louis, a Miami-based business owner found success using the Business Finance Suite, which helped establish a business credit profile. This enabled them to apply for funding without using their Social Security number, eliminating personal liability for credit applications. The speaker highly recommends this program to fellow business owners.
Edward from El Paso, Texas, struggled to secure funding for his small businesses until discovering the Business Finance Suite. Within a month, the suite helped set up his business correctly, establish trade lines and revolving credit, and now he’s on track to receive funding. Edward guarantees it’s worth the investment and only wishes he’d found it sooner.
